Actually, it works because I get merit for my constructive thread. Of course, by now I got only one merit for one of my constructive posts (I simply call them constructive, not high-quality), but I might get more merits when more readers read my posts. Some of them will like my threads,feel satisfied and send their sMerits to me.
Users who are simply join the forum for getting money and begging for merits will certainly not get them as main point of merit system influence.